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(Z2) Trend Direction Remains Down

BUND TECHS
  • RES 4: 142.58 High Sep 20
  • RES 3: 142.02 High Sep 22
  • RES 2: 141.73 20-day EMA
  • RES 1: 139.29/140.99 High Sep 27 / 23
  • PRICE: 137.06 @ 05:19 BST Sep 30
  • SUP 1: 135.41 4.236 proj of the Aug 2 - 12 - 15 price swing
  • SUP 2: 135.27 Low Mar 2012 (cont)
  • SUP 3: 134.76 4.382 proj of the Aug 2 - 12 - 15 price swing
  • SUP 4: 134.24 4.50 proj of the Aug 2 - 12 - 15 price swing

Bund futures remain in a downtrend and moving average studies point south. The extension lower this week confirms a continuation of the bear cycle that started early August. A major support at 140.67, Jun 16 low (cont), has been cleared. The break strengthens the broader bearish outlook and confirms a resumption of the primary downtrend. Attention is on 135.27 next, the Mar 2012 low (cont). The 20-day EMA, at 141.73 remains a firm resistance.

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